ARAB Petroleum Investments Corporation (Apicorp) posted the highest net profit in its 36-year history in 2011 at $105.4 million. The results surpassed Apicorp's 2010 record profit of $95 million by 11 percent. The multilateral development bank, founded in 1975 by the 10 members of the Organization of Arab Petroleum Exporting Countries (Oapec), said total assets reached $4.6 billion for 2011, a rise of 7 percent from its corresponding 2010 figure. The government of Saudi Arabia owns a 17 percent stake in Apicorp. Apicorp extended its growth momentum into the first quarter of 2012, registering a net profit of $30.7 million. Total assets and total shareholders' equity reached $5.2 billion and $1.3 billion respectively at the end of the first quarter.
